The moratorium is provided for in The Debt Respite Scheme (Breathing Space Moratorium and Mental Health Crisis Moratorium) (England and Wales) Regulations 2020 and will apply to eligible individuals who have debt problems.
The purpose of the Regulations is to give individuals a breathing space during which they can obtain professional debt advice and find a long-term debt solution. The breathing space is only accessible via a debt advice provider who will assess whether the individual is eligible. During the moratorium, creditors and their agents cannot take any enforcement action and interest or other charges are frozen. The moratorium is not a payment holiday and ongoing liabilities will need to be met. The new rules allow an eligible…
Read the full article at: https://www.pinsentmasons.com/out-law/legal-updates/england-to-introduce-personal-debt-moratorium
